Individual Retirement Accounts (LO. 9) Lois and Kam are married and file a joint return. Lois earns $62,700 and Kam earns $32,200. Their adjusted gross income is $103,800. Determine the maximum IRA contribution and deduction in each of the following cases: Round intermediate computations and final tax liability to the nearest dollar. a. If neither Lois nor Kam is covered by an employer-sponsored pension plan, they may contribute and deduct a total of $ for adjusted gross income. b. If both Kam and Lois are covered by an employer-sponsored pension plan, they can each contribute $ to an IRA account. When adjusted gross income reaches $ their IRA deduction is their contribution. If an amount is zero, enter "0". to their IRA accounts. Kam can deduct $ while Lois can deduct $ C. Assume that only Kam is covered by an employer-sponsored pension plan and that their adjusted gross income is $155,600. Kam and Lois are each allowed to contribute $ because their adjusted gross income is less than $